Pitney Bowes CEO: Postal Bill Good For U.S. Mail
Senior Editor, CNBC
2006 is looking a whole lot "greener" for the U.S. Postal Service. A postage service overhaul bill passed through the U.S. Senate over the weekend. It's expected to save billions in retirement expenses--and keep the cost of postage from rising. President Bush still has to sign it.
So how do businesses in the industry--feel about it? Michael Critelli is Chairman and CEO of Pitney Bowes (they of course provide mailing services and products for companies). He was on "Morning Call."
Critelli really likes the new bill. He says it will help keep mail costs down by fixing postal rate increases to the rate of inflation. That tie in lasts until 2016. Critelli says that certainly helps magazines and other bulk mailings--keep their costs down and keep subscribers. He says the retirement funds for postal workers will be "cleaned up" and that could keep retirement costs down (the bill eliminates an escrow account filled with $1 billion annually).
FYI: postal delivery is a $900 billion industry and employs 9 million Americans.